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A blog for breaking sales and neighborhood real estate news.

If you are a regular reader of StreetWise, you know that in New York City the community and regional banks have been the main driver of financing activity which has kept the sales market out of the morgue, especially for small to mid-sized assets. Ironically, these are the very types of banks which are suffering the most around the country, threatening our economic recovery. Banks are failing at an alarming rate and, as real estate professionals, it is important to be familiar with the status of this critical industry.

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Agents: Robert Knakal

A four-story multi-family property at 3821 18th Avenue, located on 18th Avenue between East 8th Street and Ocean Parkway in Brooklyn’s Ditmas Park, was sold in an all cash transaction valued at $2,800,000.

This walk-up apartment building is approximately 28,536 square feet and consists of 31 residential apartments. The units include ten two-bedroom apartments and 21 one-bedroom apartments. The property is located in the heart of Ditmas Park just minutes away from the F, B, and Q trains and steps from Ocean Parkway.

Neighborhoods: Ditmas Park

We are all, by now, well aware of the $400 billion travesty created by subprime lending and the fundamental structure of Fannie Mae and Freddie Mac.  A platform which includes private profits and public liabilities should have been conceptualized in a different fashion. In the 1980’s, the government thought an increase in the homeownership rate from 64% to 75% would be positive for the country and incentives were given to these government sponsored enterprises to help achieve that objective. They loosened their standards, expanded their platforms and supported riskier loans (over 20 years later the homeownership rate has only increased 3.4% to its present level of 67.3%).  Subprime lending was a central catalyst for the difficulties faced by Fannie and Freddie as loans were made to people who did not qualify for them. A bubble was created and spectacularly burst when we discovered that housing prices could not keep going up forever. Lesson learned, right? Think again.

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Agents: Robert Knakal

The subject property is a four story walkup building located on East 78th Street between First and York Avenues. It contains sixteen residential
units, all of which are Rent Stabilized. There is also one vacant unit and one owner occupied unit which will be delivered vacant. There are 4,000 square feet of air rights remaining.

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Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

The subject property is a five story walkup mixed use building located on East 81st Street between First and Second Avenues. It contains eight residential units and two commercial units. The entire building will be delivered vacant with the exception of two residential units and is an ideal candidate for redevelopment. There are approximately 1,600 square feet of air rights remaining.

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Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

A two-story building located at 401 95th Street, on the northeast corner of 5th Avenue and 95th Street in Bay Ridge, Brooklyn, was sold in a transaction valued at $3,000,000.

The building has a full basement with eight foot ceilings.  The existing footprint of the building allows for an onsite parking lot that holds 15 to 20 cars. The building was most recently used by Victory Memorial Hospital but was delivered vacant. In addition, there is 9,500 square feet of air rights for commercial development or 12,000 square feet of air rights for community facility use.

Neighborhoods: Bay Ridge/ Agents: Stephen Palmese

Encompassing the entire north east block of Broadway and 181st Street all the way through to 182nd Street and Wadsworth Avenue, stretching 6 stories high, this property stands out not only for its sheer size but for its beautiful architecture as well.

Apartments are grand 3, 4, 5 and 6 room suites, and the building design allows for more than ample light and air. Originally constructed as 114 rental units, the Elmsford and the Belford, were converted into condominiums in 1990. Of the 114 residential units, 47 remain owned by the current sponsor as rental units. The Elmsford and the Belford each have separate entrances and elevator systems although they do share one heating system and a large courtyard. As a pair the buildings stretch out approximately 177’ x 180’.

These properties offer unparalleled convenience and classic style rarely found today. The properties are in outstanding condition as the majority of the units have already been sold and attention to detail and upgrades can be readily seen throughout the common areas.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

A three-story retail property at 260 Washington Street, located between Market and Bradford Streets in Newark, New Jersey, was sold in an all cash transaction valued at $980,000.

The 20,880 square foot elevatored, retail property sits on an 87’ x 80’ footprint. There are eight fully occupied suites with lease expirations staggering over the next four years. The property is located half a block from the Market Street Retail Corridor and two blocks from the Prudential Center.

Neighborhoods: Essex County

The property is a +32,500 SF, R4-zoned development site, fronting I-95, in the Baychester neighborhood of the Northeast Bronx. The property has a commercial C of O and is divided by a “paper” street. Demo and subdivision plans filed; survey available; ready for development.

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Neighborhoods: Williamsbridge/ Agents: Karl Brumback

A two-story commercial structure and an adjacent lot at 791-795 Westchester Avenue, located on the corner of Westchester Avenue and East 158th Street in the Melrose section of the Bronx, was sold in an all cash transaction valued at $1,200,000.

The 7,679 square foot structure measures approximately 62’ x 81’ with a footprint measuring 3,840 square feet. The vacant lot measures approximately 119.95’ x 57’ and its total footprint measures approximately 6,560 square feet. The corner property also benefits from having approximately 122.5’ of frontage along Westchester Avenue.

Neighborhoods: Melrose

Real Estate Investment Trusts (REITs) are a form of ownership which have been around for quite a while but really began going public in earnest to delever their balance sheets in the early 1990s. And thrive they did in the mid to late 1990s. However, their dominance was somewhat muted in our most recent bull market in the mid- 2000s. I would like to share a perspective with you that I think is very interesting. REITs have the potential to become an even more dominant force in our investment sales market beyond where they are today. Let’s take a look at why this could be the case.

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Agents: Robert Knakal

A corner bank building at 7524 3rd Avenue located on the north west corner of 3rd Avenue and 76th Street in Bay Ridge, Brooklyn was sold in an all cash transaction valued at $1,100,000.

The three-story, mixed-use building measures approximately 4,312 square feet and sits on a 19’ x 80’ lot. The first floor is occupied by Dime Savings Bank which has a long term lease.  Both the second and third floors contain one three-bedroom apartment. Each apartment is approximately 1,235 square feet which is larger than most apartments in Bay Ridge.

Neighborhoods: Bay Ridge/ Agents: Stephen Palmese

The subject property consists of two (2) 5-story mixed-use buildings located on the Southwest corner of North Moore and Varick Street in TriBeCa. The ground floor commercial space of both properties is interconnected and occupied by the famous neighborhood restaurant, Walkers Grill and Bar. There are a total of eighteen (18) residential apartments of which three (3) are studios, seven (7) are one bedrooms and eight (8) are two bedrooms. The tenancy mix consists of seven (7) are rent stabilized units, two (2) rent controlled units and nine (9) free market units. The rent regulated units are currently renting for approximately $20 per square foot and the free market units are currently renting for approximately $49 per square foot indicating that on average the rent regulated units are renting for approximately (57.3%) below market.

The property is landmarked and lies in the TriBeCa West Historic District. Neighboring famous restaurants include Bouley, Nobu, Thalassa and Churrascaria.

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Neighborhoods: TriBeCa/ Agents: Robert Knakal

The subject property is located on the east side of Second Avenue between 85th and 86th Streets in the newly designed GEORGICA luxury condominium building. The vacant retail condominium currently consists of 16’ high ceilings and approximately 3,600 square feet on the ground floor, as well as an additional 600 square feet in the basement. The retail condominium will also benefit from a 10 year 421-A tax abatement. The average taxes over this 10 year period will be approximately $27,000 a year. Slated for completion in August 2009, the GEORGICA is a twenty (20) story, fifty-eight (58) unit luxury condo building. Given the offering’s ideal location and size, the retail condo at 1646 Second Avenue presents itself as an opportunity for both users and investors alike.

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Neighborhoods: Yorkville/ Agents: Thomas Gammino Jr.

The property is tenanted on a true NNN basis by a 148,832 square foot Wal-Mart, and is situated on approximately 19 acres of land in the municipality of East Windsor, Mercer County, NJ. The tenant is in their fourth year of initial 25 year ground lease with renewal options every 10 years there after extending to 2104. There are no escalations during the first 25 year term, and there are 10% escalations after every successful execution of their renewal option. (Escalations are 10% on every 10 years upon the lease renewal on the 10th year.) The lease with extension options is based on a 99 year total term. There is an assumable non-recourse loan with an outstanding balance of $3,207,730.11 held by Modern Woodmen of America. This property is an ideal secure investment with long term upside potential.

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Neighborhoods: Other

3034 Albany Crescent is a five (5) story walkup building located in the desirable Kingsbridge neighborhood of the North Bronx. This building features forty (40) units comprised of 3 studios, 23 one-bedrooms, 13 two-bedrooms, and a super’s unit in the basement. Located within close proximity to the soon to be redeveloped Kingsbridge Armory, several parks, the VA Hospital, and a short walk to the MTA #1 subway line at 231st Street.

There is an assumable $2,250,000 mortgage on the property.

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Neighborhoods: Kingsbridge/ Agents: Karl Brumback

603-605 West 138th Street is an elevatored, six (6) story residential building located on the north side of West 138th Street between Riverside Drive and Broadway. Of the twenty-four (24) residential units, there are one (1) two-bedroom, twelve (12) three-bedroom, and eleven (11) four-bedroom apartments. The building contains seventeen (17) rent stabilized, two (2) rent controlled, three (3) SCRIE, and two (2) section 8 units. The building’s average unit size is over 1,000 square feet which easily illustrates the tremendous amount of upside this opportunity presents when priced under $100 per square foot.

Steps away from numerous landmarks and institutions, including Riverbank State Park and City College of NY, 603-605 West 138th Street enjoys a prime Hamilton Heights location.

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Neighborhoods: Hamilton Heights

Featured Listing: 67 Avenue C, New York, NY

8/6/2009 2:58:49 PM/ Massey Knakal/ Listings

The property is a 24' wide, 3,050 square foot, 2 story building currently occupied by a church. Located on Avenue C, between E. 4th & E. 5th Streets, zoned R7A/C2-5 with approximately 5,590 buildable square feet of air rights remaining. This property is ideal for a user, investor or developer and will be delivered vacant.

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Neighborhoods: Alphabet City/ Agents: Robert Knakal

The investment property sales market in New York City was slightly improved in the second quarter of 2009 (2Q09) versus the first quarter of the year. That being said, it couldn’t possibly have been worse than 1Q09 during which we saw the paralysis of 4Q08 manifest itself in a 1st quarter volume which we needed a microscope to see. However, even with an improved 2nd quarter, the first half of 2009 (1H09) was still a major disappointment for those of us relying on transaction volume for a living.

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Agents: Robert Knakal

21' wide regular, 3 story mixed-use building located on the corner of Beverly Road and East 2nd Street in Brooklyn. The property is approximately 3990 sq. ft. and contains two apartments and three stores on the ground.

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Neighborhoods: Midwood

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